In Last Trading, What Drove The HSBI Stock Up 69%?

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The Heritage Southeast Bank Corp. (OTCQX: HSBI) stock gained an impressive 69.00% at the previous close to $25.350. This past week, Heritage Southeast Bancorporation stock returned 72.45% versus 77.89% for the past month. HSBI stock spiked after it signed a definitive agreement in a cash transaction to be acquired.

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Agreement in brief:


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The Heritage Southeast Bancorporation is headquartered in Jonesboro, Georgia, and it holds the Heritage Southeast Bank brand names, including Heritage Bank, The Heritage Bank, and Providence Bank. A well-rounded offering of consumer products and commercial products is provided by 22 locations of the bank in the United States, with assets over $1.5 billion.

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It was announced on Wednesday that Heritage Southeast Bancorporation and Heritage Southeast Bank have entered a definitive acquisition agreement with VyStar Credit Union (“VyStar”).

  • In accordance with that agreement, Heritage Southeast Bank will be purchased in an all-cash deal by VyStar.
  • After this transaction is completed, HSBI and Heritage Southeast Bank will cease all operations, and any remaining collateral will be distributed to HSBI stockholders.
  • As per the purchase and assumption agreement, a total amount covered by VyStar’s purchase price will be enough to allow HSBI to have a cash amount of $27.00 for each share outstanding.
  • After satisfaction of all unconsolidated debt and obligations, HSBI shareholders will be eligible to receive the remaining amount of proceeds.

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Will the HSBI shareholders get a nice payout?

As a result of costs related to winding down Heritage Southeast Bank and Heritage Southeast Bancorporation (HSBI) and distributing the remaining assets to stockholders, the per-share consideration offered to Heritage Southeast Bank and HSBI shareholders may vary. In addition, that will also be after paying off the indebtedness of the Heritage Southeast Bank, paying off certain amounts owed to several banks elsewhere, paying certain taxes, and terminating certain contracts, among others.

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